Interest free loans are available for homeowners based in Powys, Wales for ground source and air source heat pump installations.
Both the heat pump installer and heat pump product must be MCS approved. You can be reassured that by choosing Source Energy, your ground or air source heat pump will meet this requirement.
What is the Robert Owen Community Banking Fund?
The Robert Owen Community Banking Fund was established in 2006 by the Robert Owen Credit Union with financial support from the Welsh Assembly Government. The Robert Owen Community Banking Fund is a non-profit Community Development Finance Institution. It is regulated and licensed under the Consumer Credit Act and is a member of the Community Development Finance Association.
How does The Robert Owen Community Banking Fund help me with my self-build project?
The Robert Owen Community Banking Fund is offering a zero interest loan; a revolving loan fund provided by Powys County Council (PCC) for householders who need to borrow finance for renewable installations such as heat pumps.
How much can heat pump installations get?
Under the renewable heating loan, heat pumps can receive up to £5000 which is interest free and can be paid back up to 60 months later.
You can also take out multiple loans for other renewable installations to work in conjunction with your heat pump. For example Solar PV, Rain Water Collection, External Wall Insulation, Cavity Wall Insulation, Roof insulation and Loft insulation all work well with ground source and air source heat pumps and can increase saving costs.
How do I apply for the loan and how long does it take?
When you have decided you want to place an order with Source Energy and we have provided a full proposal and MCS calculation, you can start the application process by getting in touch with the Robert Owen Community Banking Fund who will send you an Application Pack. Once you receive your pack it may take you a day or two to get any necessary documents such as proof of income and bank statements.
You will have up to 4 weeks to get your application to us. Once the Robert Owen Community Banking Fund has received this it usually takes 14 working days for you to receive an individual offer. You then have a further 10 day ‘cooling off’ period before signing your loan agreement and receiving your cheque.
How do I know if I am eligible for the loan?
- You are required to be a member of a credit union.
- You must open up a GreenSaver Account in the credit union.
- If applicable, you will also need to agree to have your future Feed In Tariffs (FITs) paid into your GreenSaver Account (and this will be a condition of your ZILF loan).
- Have a proposal from and intend to purchase a heat pump from Source Energy as they are a MCS installer.
- Your project with the installation must be in Powys.
- Rates charged on the property must be paid to Powys County Council.
- You must be the legal owner or co-owner of that property.
- Your property must have at least the minimum level of insulation.
If you have any further questions please contact the Robert Owen Community Banking on 0845 313 8458 or firstname.lastname@example.org
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